Quantcast

DeKalb Times

Thursday, April 25, 2024

Former state university employee Berg paid in $96K to pension fund, could collect $1.86M in retirement

Shutterstock 450769633

Former state university employee William Berg, who retired in March 2019, saved $95,966 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berg would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Berg received $39,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berg will have already received $120,545 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS